Bitcoin has seen a notable price consolidation over the past few weeks, trading between the $84,000 and $86,000 levels. Despite the initial surge in price, the cryptocurrency has faced a decline of 3.7% in the past week and nearly 10% in the past month, signaling a period of stagnation in its upward momentum.

Bitcoin price started a recovery wave above the $85,500 zone. BTC is trimming all gains and might decline again toward the $80,000 zone. Bitcoin started a decent recovery wave above the $84,500 zone. The price is trading near $83,500 and the 100 hourly Simple moving average.